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Established Member
Posts: 122
Registered: ‎04-27-2007
0

Re: Chase closed my account

I would determine what your interest rate will be, and how long it will be that rate.  If the rate they give you is low, just stay w/them and pay it off as soon as you can, even tho it's cancelled.  My citibank card rate is not bad, but to go somewhere else and open another account w/a high rate made no sense. 
Established Member
butters
Posts: 12
Registered: ‎03-24-2008
0

Re: Chase closed my account

It appears I'm not alone with the providian/chase closing of THE CARD! I came here to kinda vent my livid feelings, but after reading this thread, I feel calmer. :smileyhappy:

 

I'm confused still though by the effects on your credit score by a bank closing your CC. I understand the trade lines being lowered, but what if the card that was closed was your oldest card? I assume that must be pretty detrimental to your overall credit picture?

 

Also, should I expect my other chase card, a former wamu, to be the next to go?

 

I have so many issues with the way this whole system is set up with credit & loans, I'm allmost numb. I would have thought never paying late and paying more than the minimum should have sufficed. 

 

It's really unfortunate that something like a FICO score is what matters most in this day and age, yet you have such limited control over it unless you started out with a clean slate and were born with some innate knowledge of the latest small print!

 

Ah well, it is a crazy time we live in. I myself want to speak to this Fair Issac guy & let him have a piece of my mind! Not much seems fair about toeing the line and doing the right thing when all you get is stressed out and penalized.

 

I must go find my happy place...

 

*cheers*

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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Chase closed my account

If you haven't yet, read fused's "Closing Credit Cards", linked in my siggy below.

A closed account generally reports for 10 years after closing. During that period, it continues to factor into your AAoA (average age of accounts), and if it's your oldest account, it will continue to establish your overall length of history. Once it drops off, then your score can be hurt. And I said "generally" because Equifax has a nasty habit of losing closed accounts way sooner than 10 years.

Oddly, it's possible that your score could rise. If you have baddies on other accounts, and old history, you could be in a score bucket that expects perfect history. When the old account falls off, it might put you in a more lenient, younger score bucket, and you might look better compared to your peers, and your scores might increase.

That's a very narrow, specific example, but it goes to show how many interesting and unexpected twists there are in FICO scoring.

Good luck on finding the happy place!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Member
Posts: 122
Registered: ‎04-27-2007
0

Re: Chase closed my account

Butters, hope you found your happy place by now.   With everything going on w/credit companies/banks, it's hard to find sometimes.

 

You will always find people who post their opinions and many say different things..no one agrees all the time, but you will also find out that you are not alone.  I have worked over the years to get our score up as fast as I could and I did it after reading bankrate.com and some info off of here.  Good Luck!

New Member
Anonms
Posts: 2
Registered: ‎07-31-2009
0

Re: Chase closed my account

Wow. I figured their were a few other people who could be in the same boat as me but I didn't realize it was 3 million plus. Former Wamu here, and they gave me the same BS reason AFTER I HAD TO CALL THEM. One day after going through the grocery store I went to pay and well what do you know - "Sorry sir the transaction was declined." I leave my bank card at home, and I don't cary a check book. I had to pull my cart over to a out of the way location and leave feeling a bit humilliated.

 

After calling them I was told that my account had been cancelled a week prior. No emails, no letter, nothing. Just out of the blue.

 

I was also a Wamu Banking customer. Here is my solution, and an expression of my impotent rage: I found a new bank that has comprable benefits to what was Wamu, and I'm opening an account with them. I am NOT going to close my Chase Bank account, but I am going to withdraw all but $.02 from my Checking and Savings account (their literature still says no minimum balance). And every month I expect to recieve a paper stament mailed, by US Post which I believe is $.42 in postage, to me showing me that my $.02 is still being acknowledged. In order to avoid them closing the account for inactivity, once a month I will transfer $.01 from my savings to checking, then the next month I will transfer $.01 from my checking to my saving. Repeat ad infnitum. And if I do not recieve my monthly statment every month I will call them and RAAAGGGEEE.

Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Chase closed my account


Anonms wrote:

 

 

I was also a Wamu Banking customer. Here is my solution, and an expression of my impotent rage: I found a new bank that has comprable benefits to what was Wamu, and I'm opening an account with them. I am NOT going to close my Chase Bank account, but I am going to withdraw all but $.02 from my Checking and Savings account (their literature still says no minimum balance). And every month I expect to recieve a paper stament mailed, by US Post which I believe is $.42 in postage, to me showing me that my $.02 is still being acknowledged. In order to avoid them closing the account for inactivity, once a month I will transfer $.01 from my savings to checking, then the next month I will transfer $.01 from my checking to my saving. Repeat ad infnitum. And if I do not recieve my monthly statment every month I will call them and RAAAGGGEEE.


Standard mail costs 33 cents. The printing of the statements costs a few more cents.

 

With all your intentions, I must ask...why?

 

Your life will be much happier if you view it as a significant other ending their relationship with you and you just going on.

 

You found a better nicer bank.

 

be happy.

 

Plus..I have never seen an online banking program that let me transfer less then dollar amounts. And at some point your ruse will be noted and they will close the account.

 

Just be happy, you got another bank....

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
New Member
Anonms
Posts: 2
Registered: ‎07-31-2009
0

Re: Chase closed my account

Standard mail costs 33 cents.

 

I thought it had gone up. I rarely ever mail anything.


With all your intentions, I must ask...why?

Your life will be much happier if you view it as a significant other ending their relationship with you and you just going on.

 

Seems petty doesn't it? But to answer your question - principal. General principal. I have no other way of protesting what I believe was a stupid act and the dishonest justification of it. Unlike a significant other, I've never had any kind of love at all for Chase. As for my happyness, this has no real bering on it. I don't sit around and seeth over it. But I will protest. Even if my protest seems petty and is ultimately insignificant.

 

Plus..I have never seen an online banking program that let me transfer less then dollar amounts. And at some point your ruse will be noted and they will close the account.

 

Darn it. I just checked & turns out you're right. I guess I didn't think my cunning plan all the way through! Oh well. I'll continue receiveing my statments untill they close the account for inactivity, at which time I will expect my 2 cents returned to me in the form of a check! A fitting end.

 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase closed my account


Anonms wrote:

Standard mail costs 33 cents.

 

I thought it had gone up. I rarely ever mail anything.


With all your intentions, I must ask...why?

Your life will be much happier if you view it as a significant other ending their relationship with you and you just going on.

 

Seems petty doesn't it? But to answer your question - principal. General principal. I have no other way of protesting what I believe was a stupid act and the dishonest justification of it. Unlike a significant other, I've never had any kind of love at all for Chase. As for my happyness, this has no real bering on it. I don't sit around and seeth over it. But I will protest. Even if my protest seems petty and is ultimately insignificant.

 

Plus..I have never seen an online banking program that let me transfer less then dollar amounts. And at some point your ruse will be noted and they will close the account.

 

Darn it. I just checked & turns out you're right. I guess I didn't think my cunning plan all the way through! Oh well. I'll continue receiveing my statments untill they close the account for inactivity, at which time I will expect my 2 cents returned to me in the form of a check! A fitting end.

 


Don't count on it.

Regular Contributor
RachelRachel
Posts: 234
Registered: ‎04-12-2009
0

Re: Chase closed my account

Anonms, You made me smile with the details of your protest. :smileytongue: It could still work, just use $2 instead of 2 cents, and transfer that dollar back and forth, maybe you could set up an automated tranfer?   I get that it's not the same as leaving them with "your two cents" but  well... it's fun to think about.  

 

My sister and DH had their Chase cards cancelled in the first part of July.   I am waiting for my turn so I only use the Chase at gas pumps and other places where I won't get a human denial.  I also spent all the Chase flexible rewards I had accumulated because I read that someone had a bunch of points and after the card was cancelled, they couldn't use them anymore.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase closed my account


RachelRachel wrote:

Anonms, You made me smile with the details of your protest. :smileytongue: It could still work, just use $2 instead of 2 cents, and transfer that dollar back and forth, maybe you could set up an automated tranfer?   I get that it's not the same as leaving them with "your two cents" but  well... it's fun to think about.  

 

My sister and DH had their Chase cards cancelled in the first part of July.   I am waiting for my turn so I only use the Chase at gas pumps and other places where I won't get a human denial.  I also spent all the Chase flexible rewards I had accumulated because I read that someone had a bunch of points and after the card was cancelled, they couldn't use them anymore.


Smart move. Once the account is closed the rewards are toast.

 

I wonder how many small charges Chase is picking up from people using their cards just to test it they are still open. If I am any example the answer is a lot!


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